Anti-embarrassment clause meaning

If companies A, B and C are within the same capital gains group, and company A passes its shares in company B to company C in return for an issue of shares by company C to company A, the transaction can have the following tax effects: any chargeable gain potentially arising to company A could be exempt under the substantial shareholdings exemption (SSE) in Schedule 7AC to the Taxation of Chargeable Gains Act 1992 (TCGA 1992). For guidance on when the SSE applies to a disposal of shares, see Practice Note: Substantial shareholdings exemption for tax purposes, the share exchange might be treated as not involving a disposal by company A of its shares in company B, provided the conditions in TCGA 1992, s 135 are met and the anti-avoidance condition in TCGA 1992, s 137 does not apply...

JP Morgan International Finance Ltd v Werealize.Com Ltd; Karonis and others v JP Morgan International Finance Ltd [2025] EWHC 1842 (Comm) What are the practical implications of this case? The ruling delivers valuable guidance on cross-border enforcement of exclusion of liability clauses and on the situations in which ASI relief will be granted to shield such bargains. Key consequences for commercial practitioners include: Drafting immunity and exclusion clauses: the court held that where parties agree that none owes a duty of care, or tortious liability, they have by implication undertaken not to commence proceedings alleging such responsibility. This stands as a significant authority supporting the enforceability of wide immunity clauses. Commercial drafters should consider whether express ‘no sue’ undertakings offer greater certainty than reliance on implied terms Third party protection: the court’s reasoning showed that directors could benefit from immunity clauses via agency mechanisms (clause 33), even though they are not full parties to other elements of the agreement, illustrating how contractual structures...

Oran and Oaken v Oved CA 004/2025 What are the practical implications of this case? The decision signals that the Dubai International Financial Centre (DIFC) Courts will be slow to issue anti-suit injunctions restraining foreign proceedings unless such relief is anchored in a recognised head of DIFC jurisdiction. It also makes plain that Article 32 of the DIFC Court Law No. 12 of 2004 (the Judicial Authority Law) may supply a power, but does not, by itself, bestow jurisdiction on the court. The judgment further confirms that a reference to Dubai in an arbitration clause does not automatically denote the DIFC, and that identifying the seat is a fact-specific, context-driven inquiry. Lastly, it offers guidance on the correct reading of a consumer contract for the purposes of Section 12 of the 2008 DIFC Arbitration Law, as amended... What was the background? The dispute stems from air-ambulance services supplied by Oved, a company incorporated in the UK, to the late Mr Oran and Mr Oaken (together, the...

In this issue: Arbitration in England & Wales International Arbitration Sector-and industry-specific arbitration Institutional and ad hoc arbitration Other arbitration and ADR-related news and developments Daily and weekly news alerts New and updated content Useful information Arbitration in England & Wales Arbitration Bill receives Royal Assent, strengthening England and Wales as an arbitration hub The Arbitration Bill secured Royal Assent from His Majesty the King on 24 February 2025, and now takes effect as the Arbitration Act 2025. This targeted refinement of the Arbitration Act 1996 further consolidates London’s standing as a premier arbitration seat. See News Analysis: Arbitration Bill receives Royal Assent, strengthening England and Wales as an arbitration hub and LNB News 25/02/2025 7. Court of Appeal—final anti-suit injunction varied to avoid Russian court penalty In UniCredit v RusChemAlliance [2025] EWCA Civ 99, the Court of Appeal modified a final anti-suit injunction, removing the injunctive relief while keeping a declaration that...

Follow the link below to download the presentation. Contents Updates to APR/BPR Transfer between spouses Reasons asset targeting falls short APR/BPR trust clause Funding the trust Case study Case study solution Anti‑fragmentation Administration checklist Client communications Pitfalls and risks Summary These PowerPoint slides are designed as a foundation for a training session on Agricultural and Business Property Relief for the relevant fee earners. The presenter can tailor them—by trimming or expanding the points—to match the audience. How to use these slides Allow around two minutes per slide, and use the case study for a 20‑minute breakout. If more depth is required, the content can be delivered over two or three separate training sessions. Further reading Autumn Budget 2024—Private Client analysis Hot topic—the reform of business property relief and agricultural property relief Change in the approach to IHT planning for farmers Tax—Finance Act 2026...

This Practice Note highlights the principal points to weigh up when acting for an outgoing tenant and advising on the assignment of a rack rent (occupational) commercial lease. See also Practice Note: Transferring commercial property—a practical guide, together with the Assignment of a rack rent lease (assignor)—checklist. Is the landlord’s consent required to the assignment? Carry out the following checks in sequence, in particular: Carefully scrutinise the lease terms, together with any deeds of variation and, where necessary, any other supplemental documents. If the lease is registered and contains HM Land Registry prescribed clauses, the register will confirm whether or not the lease includes provisions that restrict or prohibit dispositions, as shown by clause LR8 of the lease. Consider whether a restriction has been entered on the title expressly barring assignment without the landlord’s consent. Where relevant, review any superior lease carefully to establish if assignment is constrained—for example, a prohibition on assigning an underlease without consent...

This Practice Note is archived and no longer updated or maintained. It outlines the differences introduced in the NEC4 standard form construction contracts when set against the NEC3 versions. It also summarises the changes from NEC3 across the standard forms. The spotlight is on the NEC4 Engineering and Construction Contract (ECC), though many ECC revisions mirror those rolled out across the broader NEC suite. Many of the points made in relation to the ECC are indicative of suite-wide adjustments. The NEC characterises NEC4 as an ‘evolution not revolution’, building on NEC3. The bulk of NEC4’s revisions appear aimed at embedding sound practice and/or cutting reliance on Z clauses (ie bespoke amendments). For further details on NEC contracts in general, including their structure, see Practice Note: NEC contracts—introduction. Publication of NEC4 The NEC4 contracts were issued by the Institution of Civil Engineers on 22 June 2017...

This Agreement is entered into on [ date ] Parties [ insert name of Party A ] [ of OR a company incorporated in [ England and Wales ] under number [ insert registered number ], with its registered office at OR [ insert address ] ] (Party A); and [ insert name of Party B ] [ of OR a company incorporated in [ England and Wales ] under number [ insert registered number ], with its registered office at OR [ insert address ] ] (Party B), (each of Party A and Party B being a party and, together, Party A and Party B constitute the parties). Background Party A conducts the business of [ insert description of Party A’s business ]. Party B conducts the business of [ insert description of Party B’s business ]. Party A and Party B have agreed to [ insert description of proposed transaction ] on the terms...

1 Definitions and interpretation 1.1 Within these Conditions, the terms below shall have the following meanings: Adequate Procedures – to be interpreted in accordance with BA 2010 and the guidance issued under it; Affiliate – any entity that, directly or indirectly, Controls, is Controlled by, or is under common Control with, another entity; Applicable Law – all applicable laws, legislation, statutory instruments, regulations, and governmental guidance having binding effect, whether local or national [ or international in any relevant jurisdiction ]; Associated Person – means any or all of: (a) a party’s officers, employees, agents, subcontractors, subsidiaries, and persons Associated With that party (the Associates); and (b) persons Associated With any of the Associates, in each case engaged in performing services for or on behalf of that party, the Services and/or the Contract; Associated With – when used: (a) in clause 10 and in respect of bribery, shall be read in accordance with BA 2010 and the guidance published under it; (b)...

This agreement is dated [ insert day and month ] 20[ insert year ] Parties [ Insert name of company in which the shares are held ], incorporated in England and Wales with company number [ insert company number ] and having its registered office at [ insert address ] (the Company), [ Insert name of company in which the shares are held ], incorporated in England and Wales with company number [ insert company number ] and having its registered office at [ insert address ] (Newco 2), [ Insert name of company in which the shares are held ], incorporated in England and Wales with company number [ insert company number ] and having its registered office at [ insert address ] (Newco 3), The various persons named and addressed in Schedule 1 (together, the Managers), and The various persons named and addressed in Schedule 3 and any other such person as defined in clause 1.4 (the Investors) ...